New Orleans

New Orleans has been rebuilding since Hurricane Katrina devastated the area.

As people have returned, buyer demand has perked up -- and so have home prices.

But there's still plenty of room for this housing market to grow. The median home price in the metro area was only $163,000 during the three months ended September, more than 20% below the national median.

CoreLogic is predicting home prices will increase by 8.6% over the next 12 months, followed by a better-than-average 5.4% increase in the year after that.

Source: CoreLogic Case-Shiller Forecasts are for the 12 months ending September, 2014. Rankings are for metro areas with populations of one million or more. In addition to its own data, CoreLogic Case-Shiller compiled its results using data from the National Association of Realtors, the Federal Housing Finance Agency, Moody's Analytics and the Bureau of Labor Statistics.